April 24 (SeeNews) - Croatian diversified conglomerate Adris Grupa [ZSE:ADRS-R-A] said on Monday it turned to a net profit of 9 million kuna ($1.3 million/1.2 million euro) in the first quarter of 2017, from a net loss of 90 million kuna in the same period last year.
The group's total revenue reached 1.1 billion kuna, up 14% on the year, while its operating income edged up 3% to 918 million kuna, the company said in a statement.
The group's tourism business experienced an 8% annual growth in bookings.The total planned investments in this sector amount to 450 million kuna in 2017.
Adris Grupa's fish farming and processing unit Cromaris saw a 8% drop in sales in Q1 to 1,353 t. Its net profit, however, increased by 1.5 million kuna to 1.8 million kuna.
The group's insurance arm, Croatia Osiguranje, posted a net profit of 67.8 million kuna in the three months through March, up 71% on the year. Its consolidated gross written premiums climbed 1% on the year to 1.02 billion kuna. The company remained the leader on Croatia's insurance market with an overall market share of 34.5%.
In 2015, Adris Grupa said it intends to list abroad in 2018, adding it plans to invest over 4 billion kuna in 2016-2018 in order to increase the valuation of its existing operations.
(1 euro=7.45797 kuna)
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